知识产权证券化——SPV组织形式运用之研究

资产证券化作为新型金融工具,在金融危机的冲击下仍在世界金融中留有一席之地。而知识产权在高新技术产业比例日益加重,美国投资银行界与知识产权界已经将其作为未来重大的证券化资产项目。以SPV组织形式为研究核心展开,致力于探索知识产权证券化的组织架构。提出在知识产权证券化中SPV组织的二元适用,分析著作权、专利权、商标权在证券化中的权利法律关系,最终大胆假设,提出中国知识产权证券化的组织结构图,希望能为以后的研究提供借鉴。     

军工企业知识产权证券化交易结构研究

知识产权证券化是资产证券化技术在知识产权领域的应用。军工企业开展知识产权证券化可充分发挥军工企业的知识产权优势,扩大军工企业的融资渠道,促进军民融合式发展。总结学者对资产证券化交易结构的一般理解,明确了资产证券化交易结构的含义。在此基础上,结合军工企业知识产权特点及我国资产证券化现状,构建了军工企业知识产权证券化交易结构。引导军工企业在知识产权证券化过程中有的放矢,关注其中的主要环节。     

资产证券化的经济学分析及其对我国银行业的启示

随着金融市场的发展,资产证券化在提高金融市场融资效率、提高商业银行资产流动性及化解银行体系资产风险等方面具有重要作用日益受到重视,文章着重对资产证券化的创新和效率,以及其风险特征进行了分析,并在此基础之上指出了其对我国银行业的影响.以期合适地认识和利用资产证券化的作用.     

信贷资产证券化产品结构及应用模式研究

我国信贷资产管理现状 我国可证券化的资产不足.并不是任何资产都可以证券化,其前提条件是必须具备良好的未来预期收益.一般来说,一种可证券化的理想资产首先应该具有以下特征:能够在未来产生可预测的、稳定的现金流量;本息偿还能够分摊于整个资产的存续期;资产的抵押物具有较高的变现价值或对债务人的效用很     

中国情境下知识产权证券化风险分散机制研究——一个多案例比较分析

当前，我国科技型中小企业知识产权数量较多、融资需求旺盛，发展知识产权证券化是解决中小企业融资难题的有效途径，然而科技型中小企业信用水平低，知识产权服务市场不完善使知识产权证券化发展存在较多障碍。风险分散是我国发展知识产权证券化面临的首要挑战，也是知识产权证券化的关键环节。选取我国知识产权证券化典型案例，比较分析其风险分散机制设计方案。研究发现：4个典型案例采用五层风险分散机制设计，第一层筛选入池科技型中小企业及其知识产权；第二层对基础资产设置担保机制；第三层对优/次债券结构进行分层；第四层实现现金流超额覆盖；第五层引入差额支付承诺人。五层风险分散机制设计有助于提高证券化产品市场吸引力，弥补现有知识产权证券化风险分散机制设计的不足，助力中国知识产权证券化发展。     

我国中小企业资产证券化融资不可能性分析

针对当前中小企业融资难的现实困境,人们提出了利用资产证券化这一金融创新手段来解决问题的思路,即对中小企业的商业银行贷款、中小企业的应收账款和中小企业的知识产权进行证券化操作。但是,由于存在着制度障碍、需求障碍、合适资产缺乏障碍和信用条件障碍,当前依靠资产证券化为中小企业融资是不可行的。为了满足中小企业的资金需求以及为资产证券化融资创造条件,仍然需要依赖政府的适当干预和大力扶持。     

信贷资产证券化与我国商业银行的发展

信贷资产证券化在我国发展的可行性分析。资产证券化(Asset-Backed Securitization,简称ABS)是指金融机构将持有的同质、流动性较差但具有未来现金收入流的贷款、租赁、应收账等资产集中起来,形成一个资产池,通过结构性安排,对资产中的风险和收益要素进行分割和重组,将其转变为具有投资特征的可销售证券,以此回收资金的过程。     

我国推行知识产权证券化制度问题研究

知识产权证券化是以知识产权为基础资产发行证券进行融资的方式,是现代技术创新发展到技术金融一体化阶段的重要表现.这一融资形式在美、日、欧等西方国家已经实践中开始应用.目前,我国经济发展正在进入转型期,由过去的资源消耗型经济向可循环、可持续发展的知识经济道路转型.走新经济道路要求必需加强知识产权的创造与应用,引进知识产权证券化制度对于促进我国知识产权的产业化应用具有非常重要的作用.     

资产证券化涵义新诠释——结构说

资产证券化的狭义定义有三种:技术说、过程说和创新说,上述定义并没有说明,资产证券化的核心涵义,就是说,资产证券化功能作用的根源。文章提出了资产证券化结构说的观点,认为资产证券化是社会经济活动中一种具有鲜明的结构特征和功能特点的秩序结构。其功能主要来自机构的创新。     

知识产权证券化发展现状及可行性研究

知识产权证券化是发起方通过特设载体,以其拥有的版权等作为标的资产,经过信用评级、增级后发行证券的金融行为。作为一种全新的融资手段,凭借其风险分散程度强、杠杆融资比率高、发展快等优势,已经得到资本界的广泛认可。但知识产权证券化在我国的推行尚不成熟,仍存在交易市场不稳定、运作模式难确立、缺少相应政策与法律法规等问题。文章整合了前人研究,列举国外成功案例,提出了在国内推行知识产权证券化的对策及建议。     

Patent assertion entities: do they impede innovation and technology commercialisation?

This article focuses on addressing a primary charge levelled against patent assertion entities (PAEs): that they impede innovation and technology commercialisation activities of US firms. The paper utilises an intellectual property (IP) strategy framework within the construct of a firm business model to delineate PAE typologies, and then evaluates how they ‘fit’ with either a framework for the protection of IP assets or the exploitation of IP assets. The PAE business model operates under neither an IP asset protection nor IP asset exploitation strategy, but its own IP monetisation strategy. Moreover, a review of recent research on the proliferation and economic impact of PAEs is undertaken, with the overwhelming empirical evidence showing that PAEs are having an adverse impact on innovation and technology commercialisation activities of US firms. Potential patent policy reforms and emerging marketplace options are identified for enhancing a business environment conducive to successful technology innovation and commercialisation.     

基于契约视角分析财务信息的披露机理

企业本质上是利益相关者缔结的一项合约,每个利益相关者在企业中拥有的产权主体地位必须予以确认.财务信息是体现于组织上的"软资产","软资产"是企业经营沉淀的结果.财务信息的特征,且"软资产"与其他资产在形态上的不同,使得财务信息产权界定较为复杂.当信息日益成为企业的核心要素资源,建立财务信息产权法律制度,对于保护具有商业价值的人类信息具有重要意义.财务信息产权一旦被确认,即可从"准公共产品"向 "私人产品"进行转换,势必为处于不断变革中的会计实践展开一个全新的思维视角.     

Intellectual Property Government Open Data: Australian Business Number Links to All Intellectual Property Data in Australia

Intellectual property rights protect the fruits of investment in intangible assets, such as inventions and innovations, creative content, designs, brand recognition and reputation, through five broad arms: patents, trade marks, design rights, plant breeder's rights and copyright. All of these rights, with the exception of copyright, are administered by IP Australia. To facilitate analysis of these rights, IP Australia released Intellectual Property Government Open Data (IPGOD) on < data.gov.au >. IPGOD is a weekly updated, publically accessible database that provides access to 100‐plus years of non‐sensitive administrative data on intellectual property rights held in IP Australia's databases that are linked to Australian Business Numbers and Australian Company Numbers.     

Property rights imperfections and asset allocation: Co-ownership in Bulgaria

This paper analyzes how imperfections of property rights affect households’ allocation of assets using micro-survey data from Bulgaria. Co-ownership of assets is widespread in many countries due to inheritance. Central and Eastern Europe offers an interesting natural experiment to assess the effects of this type of property rights imperfection because of the asset restitution process in the 1990s. In Bulgaria, where co-ownership is very prominent and land is strongly fragmented, the land reform and inheritance legislation allows identifying the impact of co-ownership by taking advantage of a discontinuity created by a minimum plot size law. We find that land in co-ownership is more likely to be used by less efficient farm organizations or to be left abandoned, and that it is related to significant welfare losses. The paper hence provides evidence of sub-optimal land allocation following a privatization that established formal but imperfect property rights.     

Uncovering asset stripping during China's privatization

This paper empirically studies the occurrence and extent of asset stripping via undervaluing public assets during the mass privatization of state-owned and collectively owned enterprises in China. Using three waves of a national survey of private firms, we provide evidence that state-owned and collectively owned assets were substantially underpriced, indicating the presence of corruption during privatization. Further analysis shows that the extent of underpricing is more severe in regions with less market competition or weaker property rights protection, and more pronounced for intangible assets such as intellectual property rights and land use rights. When comparing firm efficiency between privatized firms and de novo private firms, we find that the former group continues to enjoy considerable preferential treatments, yet significantly underperforms the latter, possibly due to continued government control and intervention. Finally, we provide evidence that insider privatization is an important source of corruption during the privatization process.     

Private Property Rights,Investment Patterns,and Asset Structure

The right to private property was first written into the Constitution of the People's Republic of China in March 2004. This study takes advantage of the 2004 amendment and uses a difference‐in‐differences approach to empirically test the impact of private property rights security on investment patterns and thereby on asset structure. Employing the Chinese Industrial Enterprises Database from 2000 to 2007 to implement the analysis, we find that private property rights security has not only led enterprises to boost investment in both fixed assets and intangible assets but also induced them to allocate available resources more towards intangible assets. We address two potential concerns about our empirical design.     

基于知识产权外部商用化的知识收入研究

针对封闭式创新模式中企业知识产权闲置和知识溢出的现象,在总结开放式创新的理念和分类的基础上,提出了知识产权外部商用化的概念,并对知识产权使用率和所有权占有率进行分类讨论,概括了知识产权外部商用化的途径。得出结论:通过知识产权外部商用化获得的知识收入有别于传统的通过产品销售、劳务提供和有形资产获得的收入,前者是企业特殊的无形资产收入;提高知识收入对于企业发展具有经济价值和战略意义。     

The firm as a subeconomy

This article explores the economic role of the firm in a marketeconomy. The analysis begins with a discussion and critiqueof the property rights approach to the theory of the firm asexposited in the recent work by Hart and Moore ('Property Rightsand the Nature of the Firm'). It is argued that the Hart-Mooremodel, taken literally, can only explain why individuals ownassets, but not why firms own assets. In particular, the logicof the model suggests that each asset should be free standingin order to provide maximal flexibility for the design of individualincentives. These implications run counter to fact. One of thekey features of the modern firm is that it owns essentiallyall the productive assets that it employs. Employees rarelyown any assets; they only contribute human capital. Why is theownership of assets clustered in firms? This article outlinesan answer based on the notion that control over physical assetsgives control over contracting rights to those assets. Metaphorically,the firm is viewed as a miniature economy, an 'island' economy,in which asset ownership conveys the CEO the power to definethe 'rules of the game', that is, the ability to restructurethe incentives of those that accept to do business on (or with)the island. The desire to regulate trade in this fashion stemsfrom contractual externalities characteristic of imperfect informationenvironments. The inability to regulate all trade through asingle firm stems from the value of exit rights as an incentiveinstrument and a tool to discipline the abuse of power.     

企业金融资产配置对双元创新的影响

以2014-2016年非金融上市公司为样本，研究不同种类的金融资产配置对双元创新的影响，考察高管激励方式在两者之间的调节效应，并基于产权异质性作进一步检验。引入ITCV方法测量内生性问题是否改变了回归结果，以检验结论的稳健性。研究发现：①短期金融资产配置对双元创新不产生蓄水池效应；②长期金融资产配置对探索式创新具有挤出效应，而对开发式创新挤出效应受到产权异质性的影响；③相对于开发式创新，长期金融资产对探索式创新的挤出效应更加显著；④国有企业中，股权激励有助于弱化长期金融资产配置对双元创新的挤出效应，而在非国有企业中，这一调节效应并不显著；⑤相对于探索式创新，薪酬激励弱化长期金融资产配置对开发式创新的挤出效应更加显著。     

Asset Ownership and the Threat to Sell

In this paper the effects of selling assets are examined in a property rights model à la Grossmann, Hart and Moore. The possibility of selling an asset gives its owner a bargaining tool which can strengthen his bargaining power under certain circumstances. This offers a form of protection against opportunistic behavior in the hold-up problem, which has not yet been considered in the literature on property rights. With this model it is possible to give a rationale for unconditional joint ownership. Moreover, an explanation for privatization, outsourcing and the existence of passive outside owners can be derived within the model.